ANOTHER UPDATE:The Hollywood Reporter has also seen the trailer, and while Abrams won't talk to them either, they have it from Paramount that the film is budgeted at $45 million, Abrams is writing and planning to direct with Spielberg producing, and it will come out at some point in the summer of 2011. They also seem as ridiculously excited about all this as we are.

UPDATE:The Playlist has seen it, and they're equally excited and enthusiastic as Slashfilm's reader report.

We've heard that a trailer for a new J.J. Abrams project called Super 8 will premiere in front of Iron Man 2 this weekend, and we also know that it's not a Cloverfield sequel. We also learned recently that Abrams and Steven Spielberg were teaming up for a sci-fi project that Abrams would direct, a film with a lot of similarities to early Spielberg films like E.T. and Close Encounters. Wanna know the big twist? The trailer this weekend is for the Spielberg-Abrams collaboration.

Slashfilm got what they're calling a "very reliable" report of what's in the trailer that will be running in front of Iron Man 2 starting tonight, and while I won't post the details here-- you can spoil yourself all you want over there-- I'll tell you that it's for a project called Super 8, which is produced by Steven Spielberg and directed by J.J. Abrams. The film hasn't started shooting yet, but Vulture's earlier report about the Spielberg-Abrams collaboration said he would be shooting it this fall, and the trailer hints at a release date next summer.

And you can read the details for yourself if you want, but I can promise you it sounds like they're going for a very distinct early Spielberg feel, with references to extraterrestrials and also hints that everyday people could get involved in the action. We'll be sending someone to Iron Man 2 tonight to bring you our own perspective on the trailer, so stay tuned for hopefully even more info on this trailer that sounds, no joke, like it might be more exciting than anything in Iron Man 2.